Suraj Estate Developers Acquires Prime Land Parcel in Mumbai for Residential Project

Suraj Estate Developers acquired a plot in Mumbai for Rs 33 crore to build a project. The 1,073 sqm plot in Mahim West will be used for a redevelopment project. The estimated balance carpet area available for sale is 30,000 sqft, with a Gross Development Value of Rs 120 crore. The acquisition strengthens the company's project pipeline and financial outlook. Suraj Estate Developers has completed 42 projects and has 13 ongoing and 16 upcoming projects.

Realty firm Suraj Estate Developers Ltd has acquired a 1,073 square metres plot in Mumbai for Rs 33 crore to build a project.

In a regulatory filing on Monday, the company informed that it has ''acquired a freehold plot of land admeasuring 1,073.42 square metres situated off Lady Jamshedji Road, Mahim (West), Mumbai for a total consideration of Rs 33.10 crores.'' This is a redevelopment project. It entails the redevelopment of 7 tenants/occupants who have vacated their respective premises and the plot is rendered vacant.

After deducting the FSI (Floor Space Index) required for rehabilitating these tenants and the surplus area to be handed over to MHADA, Suraj Estate said the estimated balance carpet area available for sale is about 30,000 square feet with a Gross Development Value (GDV) of Rs 120 crore.

Commenting on this, Rahul Rajan Jesu Thomas, Whole Time Director, Suraj Estate Developers, said, ''The acquisition enhances our sales potential by Rs 120 crores, strengthening both the company's project pipeline and its financial outlook.'' Since incorporation, Suraj Estate Developers have completed 42 projects in the South-Central Mumbai region.

In addition to the completed projects, the company has 13 ongoing projects and 16 upcoming projects.

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